new Delhi: According to a PTI report, the central government will raise around Rs 3,000 crore this week by selling its around 1.5 per cent stake in the country’s top oil and gas producer Oil and Natural Gas Corporation (ONGC).
The Offer for Sale (OFS) by the government will remain open on March 30 and 31, Oil and Natural Gas Corporation (ONGC) said in a stock exchange filing on Tuesday.
According to the exchange filing, the company said in a statement, “The promoter (government) proposes to sell 94,352,094 equity shares of the company, (representing 0.75 per cent of the total paid-up equity share capital of the company) on March 30, 2022.” (for non-retail investors) and with option to sell 94,352,094 equity shares (in case of oversubscription) on March 31, 2022 (to retail investors).
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The floor price for the OFS has been fixed at Rs 159 per share.
The government holds a 60.41 per cent stake in ONGC, which produces half of India’s oil and gas.
In OFS, at least 25 per cent of the shares are reserved for mutual funds and insurance companies while 10 per cent are reserved for retail investors.
Retail investors are defined as an individual investor who bids for not more than 2 lakh shares.
While ONGC employees can apply for equity shares of up to Rs 5 lakh, 0.075 per cent of the equity shares sold in the OFS will be given to the eligible employees at the cut-off price, the filing said.
ONGC was trading at Rs 163.40, down 4.47 per cent at 11.30 am on Wednesday.